If you own a small business, insurance is one of the most important things to have in place. In fact, cannabis business insurance 101 suggests that when you start any business, even if it is related to cannabis, you will need insurance coverage to protect your investment. However, It’s not a case of just going to your local insurance broker and picking up the first policy that they offer to you. There are plenty of variables that need to be considered, and it’s a good idea to do your homework and find out as much information as possible before making a decision. Below we’ve compiled the best small business insurance plans highly recommended by experts and will get you covered for all of your financial needs.
Workers Compensation Insurance
This will cover your employees if you have any, in case they suffer any kind of workplace injury. It also extends to cover your legal liability for any accidents that might happen on the job. This policy is typically required by law and will be one of the more expensive options on this list, but it is worth its weight in gold when dealing with a serious injury or other types of lawsuits.
Commercial Property Insurance
This is a policy that will cover your business property against things such as damage or theft. It is a must for any type of business as it will allow you to replace your assets if they are damaged beyond repair. It usually includes coverage for buildings, machinery or equipment, inventory, and other business assets. It differs from a homeowners policy. It specifies protection against fire, water damage, and other risks related to the business itself rather than the residence portion of your home.
Commercial Liability Insurance
This policy covers the cost of injuries or claims made against you by business customers, employees, contractors, or suppliers. Even if you’re operating under a less than perfect set of circumstances, this kind of coverage will help ensure that your business can function without worry. In addition, it typically features a large amount of coverage at a low monthly premium.
As a business owner, you’re probably aware of how expensive medical coverage is for an individual. It’s even more expensive for a company, which is why you should look into purchasing group health insurance. This type of insurance aims to transfer the costs over to many people so that the company can pay a smaller percentage of each bill. When you’ve purchased group health insurance as a business, you’ll be able to cover all of your employees’ medical expenses as well as any dependents that they may have had at the time of your purchase.
If there is something within your business that you feel is too risky to insure, you may want to look into purchasing specialty insurance. For example, if you are a painter and have many paintings in storage, you may want to look at purchasing special coverage for your paintings. This will pay for your losses if the storage unit is damaged and hopefully keep your collection of paintings safe. Your insurance representative will be able to help you determine what type of specialty insurance can be beneficial for your business.
Product Liability Insurance2
This is a great business insurance option for those who deal with products. This type of insurance will protect you in the event that someone is hurt or killed as a result of one of your products. It can also cover lawsuits against your business for false advertising or other damage caused by your product. However, you should be aware that this type of plan can be quite expensive for small businesses and may not be necessary for some types of products.
Business Owners Policy
This is one of the most popular types of insurance that most businesses-of-all-sizes purchase. It provides some great protection and can actually be cheaper than many other plans on this list. While it doesn’t cover everything, it does cover the most important issues that you’ll need to deal with each year. The owners policy is a great way to get started with your small business insurance needs.
Business owners need insurance coverage that will protect their business and its assets. Each insurance company has unique coverage options and protections for different businesses, so it is important to investigate your policy to get what you need thoroughly. Insurance can be complicated and expensive, but working with a professional agent or broker can make the process easier and more affordable. They will also ensure that you get the best coverage for your operation.